Shanghai (ZXZC)- Zhejiang Geely Holding Group (Geely Holding) recently established in Sichuan province a wholly-owned subsidiary that will work on new energy vehicle-related businesses.

Photo credit: Geely Holding

The newborn company, named Sichuan Englon New Energy Vehicle Technology Co.,Ltd., was founded on May 11 in Yibin, Sichuan province and involves a registered capital of 433,674,860 yuan ($67.349 million), according to the corporate data platform Tianyancha. Its line of business includes the R&D of auto parts, the manufacturing of auto parts and NEV-related prime movers, and the sale of the prime movers used for NEVs.

In 2015, Geely Auto announced its ambitious new energy initiative, Blue Geely, which would see the company move from focusing on traditional combustion engine technologies to concentrating entirely on new energy vehicle sales and development. As part of the initiative, 90% of Geely Auto sales would consist of new energy vehicle sales by 2020.

Although Geely didn't achieve the goal as schedule, it is moving faster on the deployment of new energy vehicle business. There have been quite a few models, such as the Geometry A, the Geometry C, the Emgrand EV, and the Emgrand GSe in Geely's NEV product lineup.

According to the latest monthly sales results, Geely Auto and its subsidiaries sold 3,787 new energy and electrified vehicles (only including BEVs, HEVs, PHEVs, and MHEVs), representing a year-on-year decrease of 30.37% and a month-on-month decline of 33.05%.

Geely announced in March 2021 the formation of Zeekr Company Limited (ZEEKR), a new electric mobility technology and solution developer based in China that aims to meet growing demands for premium electric vehicles. The first ZEEKR-branded production model, the ZEEKR 001, was unveiled on April 15 with the presale kicking off at the same time and is expected to be delivered from October this year.